Posted AT 4:19 PM EDT on 09/05/08
Aeroplan to abandon trust status
Aeroplan Income Fund, the popular loyalty program that became a trust in 2005, is converting into a corporation as it seeks greater flexibility to expand internally and make foreign acquisitions.
Montreal-based Aeroplan said Friday that its conversion is necessary partly due to ownership rules that limit foreigners to controlling 49.9 per cent of an income trust, to stay onside with Canadian laws governing tax-efficient trusts.
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